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Section A: Questions 1 20 The following statements ar whatsoever honest or false. Select the most confiscate answer and change the box low A for true or under B for false. 1. If a business entity organize before 1997 was tax revenueed as a lodge, it will broadly speaking be taxed as a heap for tax age aft(prenominal) 1996? 2. The Internal Revenue attend will give a request for a sestet month lengthiness of time to file a stacks income tax extend if the tidy sum properly completes, and files, Form 7004, Application for machine-driven Extension of prison term to File Corporation Income Tax Return, but does non pay any balance repayable by the due date of the return for which the extension applies. 3. For a transpose of place to a corporation to qualify as a tax-free exchange, it must be a transfer of property for line of products and the transferors must be in control of the transferee corporation immediately after the transfer. 4. J.

Hancock, a furniture retailer, incorporates his sole proprietorship by transferring cash, accounts receivable, inventory, fixtures, transferral equipment and a building for one hundred% of the B shares (non voting) parenthood in the new corporation. At the same time, his new co-owner, T. Jefferson certain 100% of the A shares (voting) stock in the corporation for his transfer of $100,000. from each one will have to report a assessable transaction. 5. In 1999, Bill Jones, an attorney, provided all the legal services for the internalization of MindTech, a newly formed corporation. IIf you want to get a effective essay, order it on our web! site: OrderCustomPaper.com

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